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Features in Actuarial Valuation Software
for Actuarial Services
Specialized systems that perform complex calculations to determine the present value of future pension obligations, funding requirements, and plan solvency. These tools incorporate demographic projections, mortality tables, and economic assumptions.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Collaboration & Workflow
Support for team operations, communication, and workflow automation.
- Access/Version Audit Trail
- Complete tracking of who accessed/modified workflow items.
- Automated Approval Workflows
- Configurable approval chains for signoffs on assumptions or reports.
- Automated Flagging of Incomplete Steps
- Flags missing inputs or unreviewed outputs before processes are finalized.
- Automated Task Notifications
- Sends alerts and reminders for upcoming, assigned, or overdue tasks.
- Built-in Messaging or Comments
- Collaboration via comments on tasks, reports, or member files.
- Bulk Task Assignment Capabilities
- Assign or reassign groups of tasks in one operation.
- Change Request Tracking
- Workflow for requesting and documenting changes to plans, reports, or assumptions.
- Delegation and Proxy Controls
- Enables delegation of permissions or approval rights temporarily.
- External User/Client Portal
- Limited, secure area for plan sponsors to view results or reports.
- Integrated Calendar and Scheduling
- Shared team calendar for workflow deadlines and checkpoints.
- Integrated Knowledge Base
- In-system documentation of workflow, best practices, and process guidance.
- Multi-user Concurrent Access
- Allows multiple actuaries/stakeholders to work on projects simultaneously.
- Role-based Task Assignment
- Assigns tasks such as reviews, approvals, or data entry to team members.
- Version Control on Documents
- Maintains a version history for all important files and outputs.
- Workflow Template Library
- Reusable templates for common team processes or client workflows.
Core Valuation Engine
Capabilities focused on the primary actuarial computations, such as present value calculations, funding status, and benefit projections.
- Accrued Liability Calculation
- Calculates actuarial accrued liability for each member.
- Batch Processing Speed
- Processes multiple valuations or members per unit time.
- Benefit Projection Modelling
- Projects member benefits over various scenarios and intervals.
- Cash Flow Projection
- Projects future cash outflows/inflows for benefits and contributions.
- Customizable Formula Engine
- Allows user-defined benefit or funding formulas.
- Funding Status Assessment
- Assesses current plan funding against liabilities to show funding ratios.
- Gain/Loss Analysis
- Analyzes deviations between actual and expected experience for assumptions.
- Integration with Regulatory Frameworks
- Supports compliance with various local and international actuarial standards.
- Multiple Valuation Methods
- Supports different actuarial valuation methodologies (e.g., PUC, entry-age normal, aggregate).
- Parameter Sensitivity Analysis
- Allows stress-testing of valuations against changes in key assumptions.
- Plan Amendment Impact Analysis
- Quantifies actuarial impacts from plan design changes.
- Present Value Calculation
- Calculates the present value of future pension obligations considering discount rates and plan assumptions.
- Real-Time Calculation Support
- Provides immediate calculation results for on-demand scenarios.
- Scalability (Member Capacity)
- Maximum number of active and deferred members supported in calculations.
- Service Cost Calculation
- Computes annual normal/service cost as per actuarial standards.
Data Management & Integration
Tools and processes to import, validate, store, and secure demographic and financial data.
- Audit Trail for Data Changes
- Tracks history of any data modifications for compliance.
- Automated Data Cleansing
- Corrects commonly observed data errors automatically.
- Bulk Data Processing Capacity
- Maximum records that can be processed in a batch.
- Comprehensive Data Import
- Imports data from spreadsheets, HR databases, or payroll systems.
- Customizable Data Mapping
- Allows flexible mapping of input file fields to system fields.
- Data Encryption (at-rest and in-transit)
- Ensures member and plan data are encrypted for security.
- Data Validation Tools
- Identifies and flags inconsistent or missing data.
- Demographic Data Change Logging
- Logs all changes made to member demographic profiles.
- Historical Data Archive Support
- Stores and retrieves prior years' valuation data easily.
- Integration APIs
- APIs for integration with external systems like HR or payroll.
- Member Search/Query Tools
- Enables flexible search for member records and data.
- Multi-client Management
- Supports multiple funds and employers within a single platform.
- Multi-source Data Integration
- Aggregates data from multiple sources for unified processing.
- Periodic Data Synchronization
- Automatically synchronizes with upstream data sources on a schedule.
- Role-based Access Controls
- Restricts data access based on user roles.
Demographic and Economic Assumptions
Features for management of mortality, turnover, salary scale, and other actuarial assumptions.
- Assumption Change Reporting
- Documents and reports impacts of changes to assumptions.
- Assumption Set Version Control
- Tracks versions and effective dates for all assumption sets.
- Batch Assumption Update
- Allows global update of assumptions across multiple plans or valuations.
- Blended Table/Rate Support
- Uses blends of tables by gender, member group, or other segmentation.
- Commuted Value Factor Calculation
- Calculates commuted values for deferred/early retirement or lump sum options.
- Disability and Death-in-Service Assumptions
- Configurable assumptions for benefit triggers due to disability or death.
- Economic Assumption Management
- Manages inflation, investment return, and discount rate assumptions.
- Experience Study Integration
- Imports results of experience studies for assumptions calibration.
- Regulatory Updates Notification
- Alerts users when new tables or required assumptions are published by authorities.
- Salary Scale/Increase Assumptions
- Supports multi-step salary projection scales and annual increases.
- Scenario Analysis Tool
- Enables side-by-side analysis of results under alternative assumptions.
- Standard Mortality Table Support
- Includes standard published mortality tables (e.g., RP-2014, Pub-2010).
- Stochastic Parameter Support
- Models variance across key assumptions using random variables or scenarios.
- Turnover and Retirement Rate Modelling
- Customizable tables for terminations, retirements, and other exits.
- User-defined Mortality Table Input
- Allows import or creation of custom mortality assumptions.
Integration & Extensibility
How well the software can connect with other internal or third-party platforms and tools.
- API Rate Limit
- Number of API calls permitted per unit time.
- APIs for Data Import/Export
- Supports programmatic transfer of data to and from other platforms.
- Data Import/Export File Format Range
- Number of supported import/export file types.
- Event Notifications via External Tools
- Pushes alerts or status updates to platforms like Slack, Teams, or email.
- Export to Data Lakes/Warehouses
- Designed for analytics integration at scale.
- Integration with Document Management Systems
- Links to DMS for storing or organizing output documents.
- Integration with Investment Management Systems
- Direct connections to custodians, asset managers, or fund administrators.
- OData or SQL Query Endpoint
- Direct query support for analytics via industry standards.
- Payroll and HRIS Integration
- Imports data and exports results to payroll and HR systems.
- Plug-in/Add-on Support
- Extensible architecture for third-party or bespoke tools.
- Plugin Marketplace/Community
- Pre-built plug-ins or shared extensions from a user community.
- Public Developer Documentation
- Comprehensive user/developer documentation for integrations.
- Scriptable Automation Layer
- Custom scripting support for workflow automation or extensions.
- Single sign-on (SSO) Support
- User authentication leverages enterprise-wide credentials.
- Webhooks/Custom Event Triggers
- Automatically launch processes when specific events occur.
Performance, Reliability, & Scalability
Features ensuring high-speed, robust, and scalable software performance regardless of plan or user size.
- Automated Capacity Alerts
- Warns administrators when nearing capacity limits.
- Automatic Failover/Redundancy
- Switches to backup systems in case of failure.
- Backup Frequency
- Frequency that full system or data backups occur.
- Concurrent User Support
- Maximum number of users the system supports simultaneously.
- Database Transaction Speed
- Average time taken per key transaction.
- Disaster Recovery Point Objective (RPO)
- Maximum tolerated data loss measured in time.
- Disaster Recovery Time Objective (RTO)
- Target maximum downtime in case of disaster.
- Elastic Cloud Resource Scaling
- System adds or removes computing resources as workloads change.
- High Calculation Speed Under Load
- Processes valuations and projections quickly at scale.
- High System Availability
- Percent of time the software is available to users.
- Horizontal Scalability Support
- Software can scale performance across servers or the cloud.
- Performance Monitoring Tools
- Built-in system for live monitoring and alerting of bottlenecks.
- Queue Management for Heavy Processing
- Manages high-volume jobs for optimized throughput.
- Scheduled Maintenance Window Management
- Ability to announce and track system downtime for maintenance.
- System Health Dashboards
- Real-time dashboards on core system metrics and health.
Plan Design Flexibility
Features that allow the software to handle a variety of pension plan types and unique formulae.
- Ancillary Benefits Support
- Includes early retirement subsidies, lump sums, or disability benefits.
- Benefit Freezing/Closed Group Modelling
- Models frozen benefits and closed groups distinctly.
- Benefit Integration for Social Security Offsets
- Allows for formulas that reduce plan benefits based on Social Security or other external inputs.
- Custom Eligibility Rules
- Ability to encode any eligibility requirements for membership or benefits.
- Custom Formula Builder
- Define bespoke benefit formulas including complex integrals, minimums, and offsets.
- Dynamic Plan Parameter Adjustment
- Adjust plan parameters easily for what-if studies or design changes.
- Multi-currency Support
- Calculates and reports in various international currencies.
- Multiple Benefit Tiers
- Supports plans with multiple benefit formulas for different employee groups.
- Multiple Plan Sponsor/Employer Handling
- Accommodates multiple sponsors, divisions, or collective agreements.
- Multiple Plan Types Supported
- Handles defined benefit, defined contribution, hybrid, and cash balance plans.
- Non-standard Service Definitions
- Allows flexible definitions of credited service and vesting.
- Partial/Pro-rated Vesting
- Supports vesting schedules beyond cliff and immediate vesting.
- Portable Plan Integration
- Handles plans with transfer or reciprocity agreements.
- Retrospective Plan Amendments
- Capability to apply plan changes retroactively for compliance.
- Variable Retirement Ages
- Supports multiple normal, early, and deferred retirement age structures.
Reporting & Disclosure
Functionality for generating actuarial reports, disclosures, and regulatory filings.
- Ad-hoc Query & Analysis
- Facilitates one-off queries for custom data sets and report outputs.
- Automated Disclosure Generation
- Pre-fills standard disclosures for plan sponsors and auditors.
- Automated Distribution/Notification
- Emails or posts reports to designated stakeholders automatically.
- Automated Error and Consistency Checking
- Checks reports for internal consistency and missing values.
- Batch Report Generation Speed
- Number of reports generated per unit of time.
- Custom Report Builder
- Allows users to design bespoke reports and schedules.
- Executive Summary Dashboards
- High-level dashboards for board and sponsor presentations.
- Export to PDF/Excel/Word
- Exports results to common reporting file formats.
- Full Audit Trail on Reports
- Logs when reports are created, viewed, or distributed.
- Graphical Visualization Tools
- Charts and visualizes funding levels, liabilities, and assumptions.
- Historical Report Archiving
- Store and retrieve prior years’ valuations quickly.
- Multi-language Report Support
- Produce reports in multiple languages for international clients.
- Regulatory Filing Interfaces
- Prepares data in formats required by regulators (e.g., XBRL, CSV, EDI).
- Standard Disclosure Library
- Library of common footnotes and boilerplate for compliance.
- Standard Valuation Report Templates
- Produces reports in formats compliant with accounting standards (e.g., GASB, IAS19, ASC 715).
Scenario & Sensitivity Modeling
Enables in-depth risk assessment through scenario planning and sensitivity analyses.
- Assumption Stress Testing
- Applies extreme/edge case assumptions to test model resilience.
- Batch Scenario Processing
- Processes multiple scenarios in parallel.
- Batch Sensitivity Output Files
- Exports all sensitivity results to external files for review.
- Dynamic Asset-Liability Scenarios
- Models future mismatches between assets and liabilities.
- Integrated Risk Metrics
- Calculates value at risk (VaR), volatility, and tail risk under each scenario.
- Parameter Sweep Tools
- Sweeps through ranges of key parameters automatically to test model sensitivity.
- Real-time Sensitivity Visualization
- Interactive graphs updating as assumptions are tweaked.
- Scenario Export/Sharing
- Exports scenario definitions or findings for stakeholder review.
- Scenario Library
- Maintains templates for recurring or common scenario analyses.
- Scenario Reporting Suite
- Creates clear, comparative reports on key scenario outcomes.
- Simulated Funding Level Distribution
- Generates probability distributions for future funded status.
- Stochastic Asset Return Modeling
- Runs Monte Carlo or similar simulations for projecting asset returns.
- Time-to-Result in Stress Scenarios
- How long it takes to process complex scenario simulations.
- User-defined Scenario Import
- Allows importing custom sets of scenarios for assessment.
- What-if Scenario Simulator
- Assesses impact of proposed changes in real-time.
Security, Audit, and Compliance
Ensures the platform adheres to IT security best practices, supports regulatory compliance, and offers audit transparency.
- Automated Backup Scheduling
- System automatically creates safe backups at defined intervals.
- Certificate/Encryption Key Management
- Systematic management of keys and certificates.
- Compliant Report Templates
- Ensures reports and documents align with legal disclosure requirements.
- Comprehensive Audit Logs
- Detailed logs capture data, assumption, and result changes for compliance.
- Configurable Data Retention Policies
- Set automatic rules for purging obsolete records.
- Data Encryption at Rest and in Transit
- All sensitive data secured via encryption during storage and transmission.
- Disaster Recovery Plan Availability
- Established recovery procedures for business continuity.
- GDPR, CCPA, and Data Privacy Tooling
- Built-in tools to support global and regional privacy laws.
- Multi-factor Authentication
- Requires multi-step user verification for access.
- Penetration Testing and Vulnerability Scanning
- Regular testing for system security weaknesses.
- Role-Based Access Control
- Restricts feature and data access by user or team roles.
- Secure API Gateway
- All integrations routed via secure, authenticated API gateways.
- Third-party Audit Support
- Enables outside parties to review and audit the system securely.
- User Access Logging
- Records all user accesses and critical interactions in the system.
- User Deprovisioning Automation
- Quickly removes user access upon role or employment change.
Support, Training & Vendor Services
Support services and resources for onboarding, troubleshooting, and ongoing product adoption.
- 24/7 Technical Support
- Live support available around the clock.
- Automated Ticket Tracking
- Centralized view of current and historical support tickets.
- Comprehensive Knowledge Base
- Searchable resource library including documentation and troubleshooting guides.
- Comprehensive SLAs (Service Level Agreements)
- Clearly defined standards for vendor response and system uptime.
- Custom Feature Request Process
- Formal channel for users to submit enhancement suggestions.
- Dedicated Account Manager
- Named point of contact at vendor for escalation and oversight.
- In-app Training Modules
- Self-paced product/capability guides within the software.
- Live Webinars/Workshops
- Regularly scheduled learning sessions for users.
- Multi-channel Support (chat, email, phone)
- Product support available through preferred communication channels.
- Onboarding/Implementation Support
- Comprehensive onboarding and data migration services.
- Product Roadmap Visibility
- Transparency into upcoming platform enhancements.
- Regional/Local Compliance Guidance
- Assistance with interpreting new laws affecting the platform.
- Regular Product Updates
- Consistent software upgrades for new features and regulatory changes.
- Sandbox/Test Environment Access
- Safe environment for user experimentation and previewing new features.
- User Community Forums
- Vendor-managed interaction space for shared learning and questions.
User Interface & Accessibility
Features that make the software easy and efficient to use for actuaries and other stakeholders.
- Accessibility (ADA/WCAG Compliance)
- Supports screen readers and accessibility standards for disabled users.
- Batch Job Monitoring UI
- Visualizes and manages long-running calculations or imports.
- Configurable User Roles
- Customizable permissions and access rights for different user groups.
- Custom Shortcut Support
- Enables keyboard shortcuts for power-users.
- Customizable Interface Themes
- Switch between light/dark themes or corporate color schemes.
- Fast Page Load Times
- Average time to load screens or dashboards.
- Favorite/Bookmark Tools
- Allows users to bookmark frequently used features or reports.
- Guided Workflows
- Step-by-step guides for common actuarial and reporting tasks.
- High System Uptime
- Percentage uptime available to end-users.
- Intuitive Dashboard
- User-friendly dashboard summarizing key plan information and navigation.
- Multi-language UI Support
- Provides navigation and instructions in multiple languages.
- Personalized Workspace Layout
- Users customize toolbars, widgets, and work areas.
- Recent Activity Log
- View a summary of recent operations performed in the system.
- Responsive Web Interface
- Accessible via various devices and form-factors with responsive design.
- User Feedback/Help Tools
- Tooltips, FAQs, and integrated support functionality.